The Turkish Lira is the official currency of Turkey and the Turkish Republic of Northern Cyprus (recognized only by Turkey). The currency is abbreviated as TRY and the symbol is expressed as . It is subdivided into 100 kurus, abbreviated as Kr. The Turkish Lira was introduced as Turkey's currency in 1927 replacing the Ottoman Lira. In 2005, the New Turkish lira (YTL) was introduced, replacing the former Turkish lira by removing six zeros from its value. It wasn't until three years later that the 'new' was dropped and the name became Turkish lira again.
The Turkish lira is one of the less traded currencies in the foreign exchange market. Its most active currency pairing is with the euro, EURTRY. Other commonly traded combinations include the USDTRY, TRYCHF, and the AUDTRY. It however stands as one of the strongest currencies in the world. The Central Bank of the Republic of Turkey (CBRT) oversees the monetary policy and ensures price stability relating to the goods and services produced within Turkey's borders. The Turkish lira is available in banknotes of 5, 10, 20, 50, and 100 denominations. The Turkish coins are being issued by the Turkish State Mint, and come in values of 1, 5, 10, 25, and 50 kurus.